Ayala-led AC Energy Philippines Inc. (ACEN) has slated February next year as the offer period for its stock rights offering (SRO), in which 2,267,580, 434 common shares will be issued.
The stock listing has been priced at P2.37 per share, based on approval that it had secured for its SRO from the Securities and Exchange Commission; and then the Philippine Stock Exchange.
The shares to be issued shall be as of record date January 13, 2021; and the offer period will kick off on February 1 and will end by February 5.
The Ayala firm previously emphasized that the stock rights offering will comprise of two rounds and will be followed by a domestic institutional offer.
It qualified that the first round – which comprises of the 2,267,580,434 shares – will be offered on “pre-emptive rights basis to eligible shareholders of the company”; as reckoned on the specified record date of January 13, 2021.
Those who can participate are shareholders who are inside the Philippines; and even those who are outside the Philippines as long as it is legal for them to take part in the rights offer.
The second round of the SRO shall consist of “the unsubscribed rights shares from the first round of the rights offer, which shall be offered to those shareholders that exercised their rights in the prior round and had simultaneously signified their intention to subscribe to any unsubscribed rights shares by tendering payment of the total offer price of all rights shares subscribed to – including all rights shares in excess of their entitlements.”
For the domestic institutional offer, ACEN had tapped BPI Capital Corporation and China Bank Capital Corporation as joint lead underwriters; and they are tasked “to firmly underwrite the rights offer” – primarily for shares that had not been taken up in the second round rights offer or those that had not been subscribed to by eligible shareholders or not paid by eligible shareholders.
The Ayala energy firm is currently advancing several projects that will substantially build up its power generation portfolio – most specifically for renewable energy leaning technologies.
ACEN is not just aggressively expanding in the Philippines, but it is also pursuing energy ventures in various Asian countries – primarily in Australia, India, Vietnam and other Southeast Asian markets – gearing up for its 5,000 megawatts attributable capacity target by 2025.
In the domestic energy market, the Ayala firm’s array of projects include solar installations in Pampanga, Zambales and Laguna; a wind farm venture in Ilocos Norte; and a thermal power facility in Rizal.